To be eligible for the award, a student-athlete must be classified as an NCAA Division I senior and have notable achievements in four areas of excellence - community, classroom, character and competition.

Each of the 30 candidate classes will be narrowed to 10 finalists midway through the regular season, and those 10 names will be placed on the official ballot. Ballots will be distributed through a nationwide voting system to media, coaches and fans. The award winners will be announced during the 2014 NCAA Final Four.

Craft and Frazier were also both named preseason All-Big Ten selections in conjunction with Thursday's Big Ten Basketball Media Day.